A deductible is a sum of loss from which the insurance policy expressly excludes coverage.
What do you mean by insurance contract?
In a legal document called as an insurance contract, the agreement between an insurance provider and the insured is laid out. Every insurance transaction is centered around the insuring agreement, which specifies the risks covered, the policy's limits, and the length of the policy.
What type of contract is an insurance policy?
One party only makes an enforceable guarantee in a unilateral contract, which is referred to as such. When it comes to making a legally binding commitment to pay covered claims, the insurer alone establishes unilateral contracts that make up the majority of insurance policies.
Learn more about insurance contract: brainly.com/question/14526380
#SPJ4
Answer: Licensed
Explanation:
According to the given scenario, the government agency providing the authorization to the people for work in the specific occupation after the completing their approved education qualification according to the requirement and also passed the state board test is known as the licensed.
A term licensed is basically refers to the official permission or authorization giving by the state government for some specific work or requirement. It is an authorization so that the people can able to used the licensed material.
Therefore, Licensed is the correct answer.
The answers are letter A and C.
<span>Nile River is the main source of water in Egypt.
People would often get their water from the river. The flooding of the Nile River
had also brought upon the fertile soils of the land. Their lands were abundant
with crops because of its soil.</span>
<u>Question 1</u>
The correct answer is: "FALSE".
The total revenue earned by a firm is computed using the formula:
R= price * quantity
According to the formula, if the term "price" increases, R would increase too. But an increase in price usually decreases the amount demanded by consumers of a certain product. Therefore, if quantity demanded drops in a higher proportion than the increase in price, the final total revenue would decrease. So the final effect depends on the size of the two variations.
<u>Question 2</u>
<u>The determinants of demand are the following:</u>
- Price: inversely related to the quantity demanded, as the larger the price the smaller the amount demanded of a product.
- Income of consumers: directly related. The larger the income earned by an economic agent, the larger the amount demanded of a normal good (there are exceptions, such as inferior goods, for which income and demand are inversely related).
- Prices of related goods of services. If two goods are substitutes, the increase on the price of one, decreases the amount demanded of that product but increases the amount demanded of the other product. It two goods are complements, the increase in the price of one good decreases the amount demanded of it, and the amount demanded of the other product too.
- Tastes or preferences of consumers. If a product is in line with the general preferences of consumers the amount demanded will be large.
- Market expectations. For example, if a price is expected to rise, consumers might prefer to buy now and therefore demand increases at the moment.
